This　study　aimed　to　examine　whether　Chinese　preschoolers　understand　that　ownership　can　be　transferred　in　different　contexts.　The　study　participants　were　3-　to　5-year-old　Chinese　children　(n　=　96)　and　adults　(n　=　34).　With　four　scenarios　that　contained　different　transfer　types　(giving,　stealing,　losing,　and　abandoning),　participants　were　asked　four　questions　about　ownership.　The　results　indicated　that　preschoolers＇　ability　to　distinguish　legitimate　ownership　transfers　from　illegitimate　ownership　transfers　improved　with　age.　Three-year-olds　understood　that　ownership　cannot　be　transferred　in　a　stealing　context,　but　the　appropriate　understanding　of　ownership　was　not　attained　until　4　years　old　in　a　giving　context　and　5　years　old　in　losing　and　abandoning　contexts,　which　is　similar　to　the　adults＇　performance.　In　addition　to　the　first　possessor　bias　(a　tendency　to　judge　the　first　possessor　as　the　owner)　found　in　previous　studies,　3-year-olds　also　displayed　a　loan　bias　(a　tendency　to　believe　everything　that　is　transferred　should　be　returned)　in　the　study.　The　findings　suggest　that　the　developmental　trajectories　of　preschoolers＇　understanding　of　ownership　transfers　varied　across　different　contexts,　which　may　relate　to　children＇s　ability　to　consider　the　role　of　intent　in　determining　ownership　and　parents＇　disciplinary　behavior.　Both　cross-cultural　similarities　and　differences　are　discussed.